Ray Dalio has reopened a major macro debate, arguing Bitcoin has not behaved like the safe-haven asset many expected. The Bridgewater Associates founder said gold remains structurally superior as a reserve and crisis asset, drawing pushback from Michael Saylor.
In a post on X, Dalio said Bitcoin “hasn’t played the safe-haven role many expected.” He cited three reasons: Bitcoin lacks privacy, making it unattractive to central banks; it has a high correlation with tech stocks, leading investors to sell it during market stress; and it remains a relatively small, controllable market compared to gold.
“Ultimately, gold is more widely held, deeply established, and still plays a central role in the global system,” Dalio wrote.
Michael Saylor rejected Dalio’s premise, arguing that “Transparency is a feature, not a bug, making BTC suitable as global collateral.” Samson Mow disputed the privacy claim, while Helius CEO Mert Mumtaz pointed to Zcash as a better alternative.
At press time, BTC traded at $80,268.
